5. WAIVERS OF NOTICE, ETC.

 To the maximum extent permitted by applicable law, Guarantor hereby waives
diligence, presentment, demand, protest or notice of any kind whatsoever with
respect to this Guaranty or the Obligations, including: (a) notice of acceptance
of this Guaranty, notice of nonpayment or nonperformance of any of the
Obligations and (b) all notices required by statute, rule of law or otherwise
now or hereafter in effect to preserve any rights against Guarantor; and (w) any
right to the enforcement, assertion or exercise against Lessee or any other
Person or the Aircraft or any other collateral security for the Obligations of
any right, power, privilege or remedy conferred in any Agreement or otherwise,
(x) any requirement to exhaust any remedies, (y) any requirement of promptness
in commencing suit against any Person who may be or become liable thereon, and
(z) any other circumstance whatsoever which might otherwise constitute a legal
or equitable discharge, release or defense of Guarantor or any surety or which
might otherwise limit recourse against Guarantor other than payment and
performance in full of the Obligations.

6. EXTENSIONS, ETC.